“Realized volatility,” sometimes referred to as “historical volatility,” is a term usually used in the context of derivatives. While “implied volatility” typically refers to a market's assessment of future volatility, realized volatility measures what happened in the past. In some circumstances, as realized volatility picks up globally, short expiry volatility also may rally. Long dated volatility, however, may tend to lag in most markets. Accordingly, expiry curves may remain inverted in global volatility markets, with longer dated volatility well below levels reached during previous times when short dated volatility was so high. Investors who believe global interest rate volatility is likely to rally, or at a minimum, fail to decline in a significant way, can therefore establish positions in global volatility that carry very positively, where the gains from delta hedging high realized volatility outweigh the theta decay and the structures roll up the expiry curve.